Company Quick10K Filing
Cullen/Frost Bankers
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 64 $5,851
10-Q 2019-10-31 Quarter: 2019-09-30
10-Q 2019-07-25 Quarter: 2019-06-30
10-Q 2019-04-25 Quarter: 2019-03-31
10-K 2019-02-06 Annual: 2018-12-31
10-Q 2018-10-25 Quarter: 2018-09-30
10-Q 2018-07-26 Quarter: 2018-06-30
10-Q 2018-04-26 Quarter: 2018-03-31
10-K 2018-02-07 Annual: 2017-12-31
10-Q 2017-10-26 Quarter: 2017-09-30
10-Q 2017-07-27 Quarter: 2017-06-30
10-Q 2017-04-26 Quarter: 2017-03-31
10-K 2017-02-03 Annual: 2016-12-31
10-Q 2016-10-26 Quarter: 2016-09-30
10-Q 2016-07-27 Quarter: 2016-06-30
10-Q 2016-04-27 Quarter: 2016-03-31
10-K 2016-02-04 Annual: 2015-12-31
10-Q 2015-10-28 Quarter: 2015-09-30
10-Q 2015-07-29 Quarter: 2015-06-30
10-Q 2015-04-29 Quarter: 2015-03-31
10-K 2015-02-05 Annual: 2014-12-31
10-Q 2014-10-29 Quarter: 2014-09-30
10-Q 2014-07-30 Quarter: 2014-06-30
10-Q 2014-04-23 Quarter: 2014-03-31
10-K 2014-02-06 Annual: 2013-12-31
10-Q 2013-10-30 Quarter: 2013-09-30
10-Q 2013-07-24 Quarter: 2013-06-30
10-Q 2013-04-24 Quarter: 2013-03-31
10-K 2013-02-08 Annual: 2012-12-31
10-Q 2012-10-24 Quarter: 2012-09-30
10-Q 2012-07-25 Quarter: 2012-06-30
10-Q 2012-04-25 Quarter: 2012-03-31
10-K 2012-02-03 Annual: 2011-12-31
10-Q 2011-10-26 Quarter: 2011-09-30
10-Q 2011-07-27 Quarter: 2011-06-30
10-Q 2011-04-27 Quarter: 2011-03-31
10-K 2011-02-03 Annual: 2010-12-31
10-Q 2010-10-27 Quarter: 2010-09-30
10-Q 2010-07-28 Quarter: 2010-06-30
10-Q 2010-04-28 Quarter: 2010-03-31
10-K 2010-02-02 Annual: 2009-12-31
8-K 2019-10-31 Earnings, Exhibits
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-07-22 Officers
8-K 2019-04-25 Earnings, Exhibits
8-K 2019-04-24 Shareholder Vote
8-K 2019-01-31 Earnings, Exhibits
8-K 2019-01-30 Officers
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-07-25 Officers, Regulation FD, Exhibits
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-04-25 Shareholder Vote
8-K 2018-01-25 Earnings, Exhibits
8-K 2018-01-24 Officers, Regulation FD, Exhibits
CFR 2019-09-30
Part I. Financial Information
Item 1. Financial Statements (Unaudited)
Note 1 - Significant Accounting Policies
Note 2 - Securities
Note 3 - Loans
Note 4 - Goodwill and Other Intangible Assets
Note 5 - Deposits
Note 6 - Commitments and Contingencies
Note 7 - Capital and Regulatory Matters
Note 8 - Derivative Financial Instruments
Note 9 - Balance Sheet Offsetting and Repurchase Agreements
Note 10 - Stock-Based Compensation
Note 11 - Earnings per Common Share
Note 12 - Defined Benefit Plans
Note 13 - Income Taxes
Note 14 - Other Comprehensive Income (Loss)
Note 15 - Operating Segments
Note 16 - Fair Value Measurements
Note 17 - Accounting Standards Updates
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 exhibit3113q19.htm
EX-31.2 exhibit3123q19.htm
EX-32.1 exhibit3213q19.htm
EX-32.2 exhibit3223q19.htm

Cullen/Frost Bankers Earnings 2019-09-30

CFR 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
EWBC 6,704 42,892 38,158 53 0 659 1,347 3,235 0% 2.4 2%
CFR 5,851 31,819 28,078 1,345 0 465 706 5,851 0% 8.3 1%
BOKF 5,592 41,893 37,175 0 0 474 950 4,256 4.5 1%
SNV 5,390 47,318 42,564 112 0 490 982 6,545 0% 6.7 1%
BPOP 5,130 50,617 44,897 0 0 586 1,155 4,731 4.1 1%
FCNCA 4,982 37,655 34,080 87 0 438 498 4,716 0% 9.5 1%
CIT 4,942 50,558 44,642 0 0 480 1,525 9,596 6.3 1%
OZK 4,754 19,152 16,276 0 0 308 585 3,825 6.5 2%
FHN 4,674 42,172 37,246 1,935 0 590 1,166 4,674 0% 4.0 1%
PB 4,580 22,375 18,247 0 0 331 535 4,278 8.0 1%

Document
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Table of Contents

United States
Securities and Exchange Commission
Washington, D.C. 20549
Form 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended: September 30, 2019
Or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ________________ to ________________
Commission file number: 001-13221
Cullen/Frost Bankers, Inc.
(Exact name of registrant as specified in its charter)
Texas
 
74-1751768
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
111 W. Houston Street,
San Antonio,
Texas
 
78205
(Address of principal executive offices)
 
(Zip code)
 
(210)
220-4011
 
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on
which registered
 
 
 
 
 
Common Stock, $.01 Par Value
 
CFR
 
New York Stock Exchange
5.375% Non-Cumulative Perpetual Preferred Stock, Series A
 
CFR.PRA
 
New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
Accelerated filer
 
Non-accelerated filer
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of October 24, 2019 there were 62,565,469 shares of the registrant’s Common Stock, $.01 par value, outstanding.


Table of Contents

Cullen/Frost Bankers, Inc.
Quarterly Report on Form 10-Q
September 30, 2019
Table of Contents
 
Page
Item 1.
 
 
 
 
 
 
 
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.
Item 4.
 
 
 
 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
 
 
 

2

Table of Contents

Part I. Financial Information
Item 1. Financial Statements (Unaudited)
Cullen/Frost Bankers, Inc.
Consolidated Balance Sheets
(Dollars in thousands, except per share amounts)
 
September 30,
2019
 
December 31,
2018
Assets:
 
 
 
Cash and due from banks
$
653,969

 
$
678,791

Interest-bearing deposits
1,865,883

 
2,641,971

Federal funds sold and resell agreements
388,049

 
635,017

Total cash and cash equivalents
2,907,901

 
3,955,779

Securities held to maturity, at amortized cost
1,020,838

 
1,106,057

Securities available for sale, at estimated fair value
12,420,446

 
11,387,321

Trading account securities
27,669

 
24,086

Loans, net of unearned discounts
14,634,928

 
14,099,733

Less: Allowance for loan losses
(136,559
)
 
(132,132
)
Net loans
14,498,369

 
13,967,601

Premises and equipment, net
987,503

 
552,330

Goodwill
654,952

 
654,952

Other intangible assets, net
2,745

 
3,649

Cash surrender value of life insurance policies
186,217

 
183,473

Accrued interest receivable and other assets
391,536

 
457,718

Total assets
$
33,098,176

 
$
32,292,966

 
 
 
 
Liabilities:
 
 
 
Deposits:
 
 
 
Non-interest-bearing demand deposits
$
10,750,244

 
$
10,997,494

Interest-bearing deposits
16,333,338

 
16,151,710

Total deposits
27,083,582

 
27,149,204

Federal funds purchased and repurchase agreements
1,200,655

 
1,367,548

Junior subordinated deferrable interest debentures, net of unamortized issuance costs
136,285

 
136,242

Subordinated notes, net of unamortized issuance costs
98,826

 
98,708

Accrued interest payable and other liabilities
697,371

 
172,347

Total liabilities
29,216,719

 
28,924,049

 
 
 
 
Shareholders’ Equity:
 
 
 
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized; 6,000,000 Series A shares ($25 liquidation preference) issued at September 30, 2019 and December 31, 2018
144,486

 
144,486

Common stock, par value $0.01 per share; 210,000,000 shares authorized; 64,236,306 shares issued at September 30, 2019 and December 31, 2018
642

 
642

Additional paid-in capital
977,997

 
967,304

Retained earnings
2,617,500

 
2,440,002

Accumulated other comprehensive income (loss), net of tax
305,383

 
(63,600
)
Treasury stock, at cost; 1,699,662 shares at September 30, 2019 and 1,250,464 shares at December 31, 2018
(164,551
)
 
(119,917
)
Total shareholders’ equity
3,881,457

 
3,368,917

Total liabilities and shareholders’ equity
$
33,098,176

 
$
32,292,966

See Notes to Consolidated Financial Statements.


3

Table of Contents

Cullen/Frost Bankers, Inc.
Consolidated Statements of Income
(Dollars in thousands, except per share amounts)
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
2019
 
2018
 
2019
 
2018
Interest income:
 
 
 
 
 
 
 
Loans, including fees
$
186,870

 
$
172,333

 
$
561,990

 
$
487,668

Securities:
 
 
 
 
 
 
 
Taxable
32,122

 
21,339

 
87,125

 
63,085

Tax-exempt
57,328

 
59,200

 
175,067

 
173,209

Interest-bearing deposits
8,759

 
14,445

 
27,226

 
42,456

Federal funds sold and resell agreements
1,194

 
1,399

 
4,323

 
3,575

Total interest income
286,273

 
268,716

 
855,731

 
769,993

Interest expense:
 
 
 
 
 
 
 
Deposits
25,637

 
22,201

 
79,655

 
50,414

Federal funds purchased and repurchase agreements
5,040

 
2,292

 
15,276

 
3,557

Junior subordinated deferrable interest debentures
1,425

 
1,394

 
4,401

 
3,847

Other long-term borrowings
1,164

 
1,164

 
3,492

 
3,492

Total interest expense
33,266

 
27,051

 
102,824

 
61,310

Net interest income
253,007

 
241,665

 
752,907

 
708,683

Provision for loan losses
8,001

 
2,650

 
25,404

 
17,846

Net interest income after provision for loan losses
245,006

 
239,015

 
727,503

 
690,837

Non-interest income:
 
 
 
 
 
 
 
Trust and investment management fees
31,649

 
30,801

 
93,794

 
89,509

Service charges on deposit accounts
22,941

 
21,569

 
65,529

 
63,554

Insurance commissions and fees
11,683

 
11,037

 
40,207

 
37,573

Interchange and debit card transaction fees
4,117

 
3,499

 
11,265

 
10,103

Other charges, commissions and fees
10,108

 
9,580

 
28,103

 
27,860

Net gain (loss) on securities transactions
96

 
(34
)
 
265

 
(113
)
Other
8,630

 
11,205

 
29,484

 
35,682

Total non-interest income
89,224

 
87,657

 
268,647

 
264,168

Non-interest expense:
 
 
 
 
 
 
 
Salaries and wages
93,812

 
87,547

 
277,078

 
259,434

Employee benefits
21,002

 
18,355

 
64,579

 
58,257

Net occupancy
24,202

 
19,894

 
64,602

 
59,089

Technology, furniture and equipment
22,415

 
21,004

 
66,236

 
61,142

Deposit insurance
2,491

 
4,694

 
7,752

 
14,178

Intangible amortization
274

 
336

 
904

 
1,093

Other
44,668

 
41,838

 
132,722

 
125,994

Total non-interest expense
208,864

 
193,668

 
613,873

 
579,187

Income before income taxes
125,366

 
133,004

 
382,277

 
375,818

Income taxes
13,530

 
15,160

 
42,359

 
40,153

Net income
111,836

 
117,844

 
339,918

 
335,665

Preferred stock dividends
2,016

 
2,016

 
6,047

 
6,047

Net income available to common shareholders
$
109,820

 
$
115,828

 
$
333,871

 
$
329,618

 
 
 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 
 
 
Basic
$
1.74

 
$
1.80

 
$
5.28

 
$
5.13

Diluted
1.73

 
1.78

 
5.24

 
5.08

See Notes to Consolidated Financial Statements.

4

Table of Contents

Cullen/Frost Bankers, Inc.
Consolidated Statements of Comprehensive Income (Loss)
(Dollars in thousands)
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
111,836

 
$
117,844

 
$
339,918

 
$
335,665

Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
Securities available for sale and transferred securities:
 
 
 
 
 
 
 
Change in net unrealized gain/loss during the period
107,786

 
(96,147
)
 
464,072

 
(286,935
)
Change in net unrealized gain on securities transferred to held to maturity
(305
)
 
(3,764
)
 
(957
)
 
(8,424
)
Reclassification adjustment for net (gains) losses included in net income
(97
)
 
34

 
(266
)
 
113

Total securities available for sale and transferred securities
107,384

 
(99,877
)
 
462,849

 
(295,246
)
Defined-benefit post-retirement benefit plans:
 
 
 
 
 
 
 
Change in the net actuarial gain/loss

 

 

 

Reclassification adjustment for net amortization of actuarial gain/loss included in net income as a component of net periodic cost (benefit)
1,406

 
1,250

 
4,218

 
3,751

Total defined-benefit post-retirement benefit plans
1,406

 
1,250

 
4,218

 
3,751

Other comprehensive income (loss), before tax
108,790

 
(98,627
)
 
467,067

 
(291,495
)
Deferred tax expense (benefit)
22,845

 
(20,711
)
 
98,084

 
(61,213
)
Other comprehensive income (loss), net of tax
85,945

 
(77,916
)
 
368,983

 
(230,282
)
Comprehensive income (loss)
$
197,781

 
$
39,928

 
$
708,901

 
$
105,383

See Notes to Consolidated Financial Statements.

5

Table of Contents

Cullen/Frost Bankers, Inc.
Consolidated Statements of Changes in Shareholders’ Equity
(Dollars in thousands, except per share amounts)
 
Preferred
Stock
 
Common
Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss),
Net of Tax
 
Treasury
Stock
 
Total
Three months ended:
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
$
144,486

 
$
642

 
$
975,322

 
$
2,556,235

 
$
219,438

 
$
(156,877
)
 
$
3,739,246

Net income

 

 

 
111,836

 

 

 
111,836

Other comprehensive loss, net of tax

 

 

 

 
85,945

 

 
85,945

Stock option exercises/stock unit conversions (101,284 shares)

 

 

 
(3,851
)
 

 
9,516

 
5,665

Stock-based compensation expense recognized in earnings

 

 
2,675

 

 

 

 
2,675

Purchase of treasury stock (202,724 shares)

 

 

 

 

 
(17,190
)
 
(17,190
)
Cash dividends – preferred stock (approximately $0.34 per share)

 

 

 
(2,016
)
 

 

 
(2,016
)
Cash dividends - common stock ($0.71 per share)

 

 

 
(44,704
)
 

 

 
(44,704
)
Balance at end of period
$
144,486

 
$
642

 
$
977,997

 
$
2,617,500

 
$
305,383

 
$
(164,551
)
 
$
3,881,457

 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
$
144,486

 
$
642

 
$
960,121

 
$
2,297,099

 
$
(63,319
)
 
$
(29,517
)
 
$
3,309,512

Net income

 

 

 
117,844

 

 

 
117,844

Other comprehensive income, net of tax

 

 

 

 
(77,916
)
 

 
(77,916
)
Stock option exercises/stock unit conversions (19,232 shares)

 

 

 
(575
)
 

 
1,694

 
1,119

Stock-based compensation expense recognized in earnings

 

 
2,796

 

 

 

 
2,796

Cash dividends – preferred stock (approximately $0.34 per share)

 

 

 
(2,016
)
 

 

 
(2,016
)
Cash dividends – common stock ($0.67 per share)

 

 

 
(43,093
)
 

 

 
(43,093
)
Balance at end of period
$
144,486

 
$
642

 
$
962,917

 
$
2,369,259

 
$
(141,235
)
 
$
(27,823
)
 
$
3,308,246


See accompanying Notes to Consolidated Financial Statements

6

Table of Contents

Cullen/Frost Bankers, Inc.
Consolidated Statements of Changes in Shareholders’ Equity (continued)
(Dollars in thousands, except per share amounts)
 
Preferred
Stock
 
Common
Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss),
Net of Tax
 
Treasury
Stock
 
Total
Nine months ended:
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
$
144,486

 
$
642

 
$
967,304

 
$
2,440,002

 
$
(63,600
)
 
$
(119,917
)
 
$
3,368,917

Cumulative effect of accounting change

 

 

 
(14,672
)
 

 

 
(14,672
)
Total shareholders' equity at beginning of period, as adjusted
144,486

 
642

 
967,304

 
2,425,330

 
(63,600
)
 
(119,917
)
 
3,354,245

Net income

 

 

 
339,918

 

 

 
339,918

Other comprehensive income, net of tax

 

 

 

 
368,983

 

 
368,983

Stock option exercises/stock unit conversions (255,184 shares)

 

 

 
(9,569
)
 

 
23,075

 
13,506

Stock-based compensation expense recognized in earnings

 

 
10,693

 

 

 

 
10,693

Purchase of treasury stock (704,382 shares)

 

 

 

 

 
(67,709
)
 
(67,709
)
Cash dividends – preferred stock (approximately $1.01 per share)

 

 

 
(6,047
)
 

 

 
(6,047
)
Cash dividends – common stock ($2.09 per share)

 

 

 
(132,132
)
 

 

 
(132,132
)
Balance at end of period
$
144,486

 
$
642

 
$
977,997

 
$
2,617,500

 
$
305,383

 
$
(164,551
)
 
$
3,881,457

 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of period
$
144,486

 
$
642

 
$
953,361

 
$
2,187,069

 
$
79,512

 
$
(67,207
)
 
$
3,297,863

Cumulative effect of accounting change

 

 

 
(2,285
)
 

 

 
(2,285
)
Total shareholders' equity at beginning of period, as adjusted
144,486

 
642

 
953,361

 
2,184,784

 
79,512

 
(